Economic development, financial cooperation amid changes highlighted at Financial Street Forum 2022 annual conference

This photo taken on Nov. 21, 2022 shows the opening ceremony of the Annual Conference of Financial Street Forum 2022 in Beijing, capital of China. (Xinhua/Chen Zhonghao)

The Annual Conference of Financial Street Forum 2022 kicked off in Beijing on Monday with the theme "Forge Ahead Toward a Shared Future: Economic Development and Financial Cooperation Amid Changes", attracted participants shared their views and insights regarding the conference theme.

Yin Li, secretary of the Communist Party of China (CPC) Beijing Municipal Committee, said at the conference that, Beijing will continue to strengthen the development of the financial sector to inject impetus into the real economy, at the same time, Beijing is committed to deepening reform and innovation in the financial sector to promote a higher level of financial opening-up.

China's stable monetary policy has provided significant support to the real economy, according to Yi Gang, governor of the People's Bank of China (PBOC), China's Central Bank, adding that the central bank also leveraged structural monetary policy tools to enhance support for agriculture, small and medium-sized enterprises, as well as private companies, making finance more accessible, available and affordable for them.

Noting the development of China's pension insurance system, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said that China's financial market has witnessed the rapid growth of insurance products with real pension attributes through regulated governance by the relevant Chinese authorities, accumulating a national pension reserve fund of more than 5 trillion yuan.

Guo also called on China's financial institutions to focus on developing reliable and safe commercial financial products for the elderly.

Fu Hua, president of Xinhua News Agency, said that Xinhua will be firmly committed to strengthening news coverage and relevant information services in China's financial sector to provide strong support for the healthy development of China's financial industry.

Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), said at the conference that efforts should be made to grasp the logic of valuation for different types of listed companies, and to explore ways to build a valuation system with Chinese characteristics so that market plays a better role in resource allocation.

Yi also said China's capital market should be integrated with the reality of the Chinese market. While continuing to strengthen institutional investment, more attention should be paid to the legitimate rights and interests of small and medium-sized investors.

Globally, with the increasing resilience of China's foreign exchange market, the asset risk avoidance properties of renminbi are also increasingly perceptible, according to Pan Gongsheng, deputy governor of PBOC and also the head of the State Administration of Foreign Exchange (SAFE), adding that China will make solid efforts to establish a foreign exchange management system suited to China's new development pattern, and safeguard the sound operation of the foreign exchange market and national economic and financial security.

This year's forum is jointly organized by the People's Government of Beijing Municipality, the People's Bank of China, Xinhua News Agency, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the State Administration of Foreign Exchange.

Editor: Yu Huichen
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